How to Draw Fibonacci Expansion Levels on MetaTrader 5

The steps below explain how to draw Fibonacci Expansion levels on MT5 and how to change its settings. This tutorial also explains how to trade Bitcoin using this Fibonacci Expansion tool.

How to Add This Fibonacci Expansion Levels Tool on MetaTrader 5

Steps: This Fibonacci Expansion tool is not displayed by default in MetaTrader 5 default settings, if the button does not appear on your MetaTrader 5, (no need to download this indicator) then locate the "MetaTrader 5 Line Studies Toolbar" shown below and follow the steps below:

MetaTrader 5 Line Studies ToolBar

MetaTrader 5 Line Studies ToolBar - Bitcoin Trading Platform

Customize Line Studies Toolbar

Right click the Customize button (shown below) >> A drop down menu appears, Select Customize >>

Customize Line Studies Toolbar MetaTrader 5 Trading Platform

Place This Tool on MetaTrader 5

Select the expansion tool from the popup window that will then appear >> Click Insert button >> Click Close. (Shown Below)

Place Fibonacci Expansion Tool on MetaTrader 5

Fibonacci Expansion Tool Added

Fibonacci Expansion Levels Tool Added to MetaTrader 5

Shortcut of How to Add Fibonacci Expansion Tool

You can also use this shortcut instead of the above method, do this:Click "Insert Menu"Click ObjectsClick FibonacciClick Fibonacci Expansion

Steps on How to Draw Fibonacci Expansion Levels on MetaTrader 5

Steps: Once you have added this Fibonacci expansion button, you can draw this Fibonacci Expansion tool by selecting it and drawing it on a Bitcoin price chart. The 3 chart points will be marked 1, 2 and 3, select the Fibonacci Expansion indicator, place the indicator on point 1 and while still holding down the mouse button drag the mouse up to point marked 2.

How to Draw Fibonacci Expansion Levels on a Bitcoin Price Chart

How to Adjust Fibonacci Expansion Tool on a Bitcoin Chart

Steps: Once you have drawn this Fibonacci expansion indicator, you may need to move one point or another to the exact position where you precisely want. These 3 chart points are marked 1, 2 and 3 and these are used to change the settings after this Fibonacci expansion indicator has been drawn on a Bitcoin price chart.

To change the Fibonacci Expansion settings; do this, double click the indicator, it appears as dotted lines (shown above), three cursor points appear which are marked 1 2 3, you can then use these 3 points to adjust and fit the indicator accordingly to your Bitcoin price chart (just click on the point you want to move each Fibonacci Expansion point to).